How do I cancel my home insurance in Canada?

When you buy a home, you’re making one of the most important investments of your life. This investment comes with a number of recurring costs, such as home insurance. Among other things, home insurance protects you against major financial losses. But it is required by mortgage lenders for houses that are not fully paid up. However, sometimes it makes sense to cancel your home insurance and change insurers. In short, read on if you’re thinking of cancelling your home insurance in the near future.

If you’re moving, you’ll need to find home insurance for your new home. In some cases, you’ll have to cancel your home insurance policy to find another insurer that offers better prices or more coverage at your new home. Request insurance quotes from several insurance companies or use our home insurance comparison tool.

If the premium on your insurance policy increases, you could try negotiating, or alternatively, cancel your home insurance. Unfortunately, you could end up paying a lot more for your home insurance over time, depending on the real estate market or other factors. In particular, claims in the insurance market as a whole. As a result, some owners cancel their insurance policy, while others change insurers in this situation.

To compare home insurance premiums, you can contact an insurance broker (who will have access to several insurers) or use our tool.

There are several types of home insurance: landlord’s insurance, homeowner’s insurance, condo insurance, tenant’s insurance, etc. You don’t need homeowner’s insurance if you’ve decided to rent an apartment instead of owning a house. In this case, you can change your type of insurance to tenant’s insurance. The latter offers similar protection to home insurance, but without the same level of coverage (e.g., building insurance is excluded).

Once you’ve paid off the mortgage on your home, home insurance is no longer mandatory. This means you can cancel your insurance once you’ve paid off your mortgage.

That said, living without home insurance isn’t always a wise option, as bad weather and unexpected damage can still happen. This could be catastrophic in the event of a claim. In short, think carefully if this is the option you choose.

Finally, if you had combined your home and auto insurance, your auto insurance premium will increase when you cancel your home insurance.

You can cancel your insurance before the renewal or expiry date if you are not satisfied with it, or if you move house. However, don’t forget that breaking your contract may entail a penalty, in the form of fees to be paid. Check the conditions for early termination in the clauses of your insurance contract.

When your contract reaches its expiry or renewal date, it’s the best time to cancel your home insurance policy, because you won’t have to pay any penalties.

During your right of cancellation, also known as your policy’s grace period, insurance providers allow you to cancel your policy without penalty. Generally, this grace period varies between 10 and 15 days following the effective date of your insurance policy.